It’s not a new term, but as the hype around cryptocurrency, NFTs, and the “metaverse” spikes, Web3 is getting a lot more attention. How Web3 technology worksLike most computing trends these days, much of the Web3 vision is based on blockchain technology. It’s easy to get excited by the on-paper potential of Web3 technology, but it’s important to remember these plans are thus far are aspirational, and hardly guaranteed. The problem is, the hype around Web3 subsists on promissory notes—what blockchain computing “could” enable, how NFTs “might’’ be used. That doesn’t mean Web3 is snake oil, but the eventual reality may look a lot different than how it’s currently envisioned.

Source: The Nation November 30, 2021 04:03 UTC